STRINGER LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02598089 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

STRINGER LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R G STRINGER

F E STRINGER

SECRETARY:

F E STRINGER

REGISTERED OFFICE:

151-161 TUNNEL AVENUE

GREENWICH PENINSULA

LONDON

SE10 0PW

REGISTERED NUMBER:

02598089 (England and Wales)

ACCOUNTANTS:

GOLDWYNS

CHARTERED ACCOUNTANTS

109 BAKER STREET

LONDON

W1U 6RP

FIXED ASSETS

Tangible assets

4

1,183,012

1,187,745

CURRENT ASSETS

Stocks

5

18,292

45,132

Debtors

6

4,209

32,057

Cash at bank and in hand

45,828

3,002

68,329

80,191

CREDITORS

Amounts falling due within one year

7

277,692

345,494

NET CURRENT LIABILITIES

(209,363

)

(265,303

)

TOTAL ASSETS LESS CURRENT LIABILITIES

973,649

922,442

CREDITORS

Amounts falling due after more than one year

8

307,321

190,668

NET ASSETS

666,328

731,774

CAPITAL AND RESERVES

Called up share capital

9

100

100

Revaluation reserve

10

423,354

423,354

Retained earnings

10

242,874

308,320

SHAREHOLDERS' FUNDS

666,328

731,774

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 16 September 2019 and were signed on its behalf by:

F E STRINGER - Director

R G STRINGER - Director

1.	STATUTORY INFORMATION

STRINGER LIMITED is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The company had net current liabilities of £209,363 at 31 December 2018 and loss of £65,446 for the year end

31 December 2018.. The financial statements have been prepared on a going concern basis, as the Company

continues to enjoy the full support of the Bankers and the Shareholder. The financial statements do not include

any adjustments that may arise from a failure to obtain financial support.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax. Sales are recognised when the goods

are delivered.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

10% on cost

Fixtures and fittings

-

15% straight line per annum on cost

Motor vehicles

-

Straight line over 4 years

Computer equipment

-

Straight line over 4 years

The Freehold Building was being depreciated over 25 years up to 2007. In 2008 the Property was revalued and

was subject to annual impairment reviews. In June 2013 the Property was again professionally revalued. The

Director has used this latest professional valuation and based on recent valuations of similar units by property

agents for the purposes of these financial statements.

No depreciation is provided on revalued freehold building on the grounds that this is immaterial.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Cost, in respect of products manufactured by the company, is calculated by reference to selling price less

appropriate margins.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable and payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2017 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST OR VALUATION

At 1 January 2018

1,178,141

150,786

25,043

At 31 December 2018

1,178,141

150,786

25,043

DEPRECIATION

At 1 January 2018

-

145,443

25,043

Charge for year

-

842

-

At 31 December 2018

-

146,285

25,043

NET BOOK VALUE

At 31 December 2018

1,178,141

4,501

-

At 31 December 2017

1,178,141

5,343

-

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST OR VALUATION

At 1 January 2018

17,042

22,677

1,393,689

Additions

-

494

494

At 31 December 2018

17,042

23,171

1,394,183

DEPRECIATION

At 1 January 2018

12,781

22,677

205,944

Charge for year

4,261

124

5,227

At 31 December 2018

17,042

22,801

211,171

NET BOOK VALUE

At 31 December 2018

-

370

1,183,012

At 31 December 2017

4,261

-

1,187,745

Cost or valuation at 31 December 2018 is represented by:

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

Valuation in 2008

282,435

-

-

Valuation in 2011

3,509

-

-

Valuation in 2013

69,986

-

-

Cost

822,211

150,786

25,043

1,178,141

150,786

25,043

Motor

Computer

vehicles

equipment

Totals

£

£

£

Valuation in 2008

-

-

282,435

Valuation in 2011

-

-

3,509

Valuation in 2013

-

-

69,986

Cost

17,042

23,171

1,038,253

17,042

23,171

1,394,183

The freehold property at 151-161 Tunnel Avenue was revalued by a professional valuer in June 2013, and the

Director has used this valuation together with recent valuations of similar units by property valuers for the

purposes of these financial statements.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 January 2018

and 31 December 2018

7,500

17,042

24,542

DEPRECIATION

At 1 January 2018

2,250

12,781

15,031

Charge for year

750

4,261

5,011

At 31 December 2018

3,000

17,042

20,042

NET BOOK VALUE

At 31 December 2018

4,500

-

4,500

At 31 December 2017

5,250

4,261

9,511

5.

STOCKS

2018

2017

£

£

Stocks

10,000

32,147

Work-in-progress

8,292

12,985

18,292

45,132

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

4,209

22,147

Other debtors

-

1,035

Tax

-

8,875

4,209

32,057

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

39,709

123,557

Hire purchase contracts

3,300

7,575

Trade creditors

57,283

62,386

Tax

6,452

15,083

Social security and other taxes

10,591

3,753

VAT

27,239

23,712

Other creditors

21,134

32,394

Directors' loan accounts

108,484

72,686

Accrued expenses

3,500

4,348

277,692

345,494

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans - 2-5 years

148,269

183,648

Bank loan more than 5 years

156,027

-

Hire purchase contracts

3,025

7,020

307,321

190,668

Amounts falling due in more than five years:

Repayable by instalments

Bank loan more than 5 years

156,027

-

Interest is charged at commercial rates.

9.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary Shares

£ 1

100

100

10.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 January 2018

308,320

423,354

731,674

Deficit for the year

(65,446

)

(65,446

)

At 31 December 2018

242,874

423,354

666,228